The competition Act 2002 is one of the regulatory statute in the field of economic regulation in India. The legislative framework of the statute makes it duty on the part of the Competition Commission of India to "eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade carried on by other participants, in markets in India".
The constitutional mandate (Art.39) can be seen as being enforced. Art.39 provides that the economic system should function in such manner that it does not lead to concentration of wealth in the hands of the few. In one sence it is true. But if we look at another sence it is doubtful. Because the trade pracises which are conventionalised are intended to make profit and for this purpose the persons dealing with trade or services look at their self and make easy money in faster mode (there are exceptional traders and servicemen of course). In addition the present cancerous evil of corruption indulging them to reimburse the amount paid in corruption to the officers by making adultration, variations in weighing or adopting other way of malpractices. by this the common man is the sufferer. The liberisation of the economy and corruption are unclothing the common man. he is becoming more poorer than even and to fill his stomuch and of his family he has to learn to swim within the corrupt practices. If the Competition Commission put its effort in curbing these malpractices with a eagle eye the purpose of the legislation can be truely achieved. otherwise the spirit and the strength of the statute will be as that of the cat drinking the milk with its closed eyes.....
